Eurobank announced on Wednesday evening that it had successfully completed its mandatory public offer to acquire up to 100 per cent of the issued share capital of Hellenic Bank. This resulted in Eurobank increasing its direct stake in the Cypriot lender to 55.886 per cent, which was rounded up to 55.9 per cent in the CEO Fokion Karavias’ statements accompanying the […]
Eurobank this week posted an adjusted net profit of €732 million for the first half of 2024, an increase of 22.2 per cent year-on-year, while reported net profit stood at €721 million. In addition, the bank’s financial results for this period showed that earnings per share stood at €0.20, while the return on tangible book value (RoTBV) stood at 18.5 per […]
Real activity growth in Cyprus is projected to gather momentum over 2024 – 2025, the Economics Research Centre of the University of Cyprus (CypERC) said in its July economic outlook. “Real activity growth in Cyprus is projected to gather momentum over 2024 – 2025, driven by robust demand and a tight labour market, the easing […]
The Cyprus Chamber of Commerce and Industry (Keve) this week announced the signing of a cooperation protocol with the Hellenic-German Chamber of Commerce and Industry. “This partnership aims to foster closer collaboration between the two chambers for the benefit of our members, leveraging the expertise and international connections of both organisations,” Keve said in a […]
The University of Cyprus’ Economics Research Centre (CypERC) this week released a report predicting improved economic growth for Cyprus during the 2024-2025 period. According to the centre’s July 2024 issue, this optimistic outlook is attributed to resilient demand, a tight labour market, easing inflationary pressures, and the gradual reduction of interest rates resulting from the […]
Celebrating local life, tradition and of course Cypriot wine is the annual Limassol Wine Festival – a highly-anticipated event for Limassolians. This year it will return to the heart of the city towards the end of summer. Age-old local celebrations centred around wine, dozens of local wine exhibitors, food and cultural events will take over […]
Limassol has cemented its position as the epicentre of Cyprus’ luxury property market, according to new data from Ask Wire. The district accounted for seven of the ten most expensive property sales in the first half of 2024, totalling €116.5 million. The most expensive property sold during this period was a set of offices in Germasogeia, Limassol, fetching […]
International glamour and beauty is coming to Cambodia, with the exciting news that the final of the Miss Grand International 2024 beauty pageant will be hosted in Cambodia and Thailand. The news was announced this morning via social media, with the organizers of the pageant stating: ‘The wait is over! Witness a groundbreaking event in […]
Cyprus has reported a substantial budget surplus of 424.5 million euros for the first half of 2024, a huge increase from the €62 million surplus during the same period last year. This improvement is mainly thanks to a significant rise in government revenue, according to the Statistical Service of Cyprus (CyStat). In the first half […]
Cyprus’ construction sector has clinched a landmark collective agreement that promises to significantly enhance the livelihoods of its approximately 40,000 workers. The deal, finalised after protracted negotiations, introduces substantial wage hikes, restores previously slashed earnings and expands worker benefits. Key provisions of the agreement, which extends until the end of 2027, include annual salary increases of […]
The deputy ministry of tourism and Deloitte Triton Paphos Marina Consortium signed on Monday a 30-month contract to provide consulting services over the tender process for the Paphos marina development. The aim of the contract is to create a tender process that will lead to the selection of a strategic investor, which will develop the […]
The Centre for Entrepreneurship at the University of Cyprus on Monday announced the launch of the 2024 Cypriot Entrepreneurship Competition (CyEC). According to the announcement, the competition, which is organised annually by the centre, under the auspices of the Ministry of Energy, Commerce and Industry, aims to promote entrepreneurship and innovation in the modern economy. […]
Cypriot real estate data analytics firm, Ask Wire on Monday published a report detailing the ten most expensive real estate sales transactions in Cyprus for the first half of 2024 across the island. The top transactions, completed between January and June, amassed a total of €144.9 million. Notably, the most expensive sale was an office […]
Cypriot Artistic Gymnastics champion, Marios Georgiou, qualified on Saturday in Paris in the Men’s Horizontal Bar category final, which will be held on August 5. President Nikos Christodoulides, who watched Georgiou compete and qualify for gymnastics’ horizontal bar final on Saturday in Paris, told the press team of the Cyprus Olympic Committee that he was “moved” […]
In a major expansion of its retail network, Lidl Cyprus opened its newest store in the Neon Mall of Pafos on July 24, 2024, marking the third Lidl store in a row in the Paphos district and the 21st in Cyprus. The opening ceremony was attended by distinguished guests, including local officials, partners and members of the company, friends […]
Here are the top business stories in Cyprus from the week starting July 22: The European Central Bank (ECB) recently decided to maintain interest rates at their current levels but indicated that the upcoming September meeting is “wide open,” given the downgraded economic outlook for the eurozone and predicted continued falling inflation. ECB President Christine Lagarde […]